Senate Approves $1.5b, €995m External Loans For Buhari
President Muhammadu Buhari on Wednesday got the approval of the Senate for $1.5 billion and €995 million external loans.
The approval came after the consideration of the report of the Senate Committee on Local and Foreign Debts presented by its chairman, Clifford Ordia.
President Buhari had in May 2020, sent a letter to the Senate asking for its approval for another round of external loans to enable the administration to finance the 2020 budget deficit, projects and support some states of the federation.
The Federal Government said the loans would be used to execute priority projects and support state governments in stimulating their economy, adversely hit by the COVID-19 pandemic.
In his presentation, Mr Ordia noted that the borrowings were largely conscessional loans with low interest rates and a reasonable moratorium and payback period.
“No unusual or onerous conditions attached and the terms of the loans and do not in any manner, compromise the sustainability of the Nigerian economy or impugn the integrity and independence of Nigeria as a sovereign nation,” he said.
“The loan is in the immediate best interest of the Nigerian State and its citizens in dealing with the COVID-19 pandemic in a way that the economy will be positioned for quick recovery and resume growth.
“While Nigeria’s Total Public Debt Stock is on the increase, it is still relatively low vis-a-vis the country’s GDP and the increased borrowing requirements is needed to sustain the economic recovery,” he added.
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The approved loans are as follows: $750 million from the World Bank for States, Fiscal Transparency, Accountability and Sustainability (SFTAS) programme to provide fiscal support to states.
Others are: World Bank’s $750 million for the COVID-19 Action Recovery and economic stimulus programme to support state level efforts to protect livelihoods, ensure food security and stimulate economic activity (N-CARES).
€671 million, €324 million and €995 million from the Export-Import Bank of Brazil (BNDES) & Deutsche Bank of Germany for the Green Imperative to enhance mechanisation of Agriculture and agro progressing in Nigeria (GIP), bringing the total approved loans to $1,500,000,000 and €995,000,000.
The panel added that the financing for the GIP, additional financing for SFTAS and CARES were being sourced from multilateral and bilateral global lenders – and partners with proven track record of previous financial accommodation and support to Nigeria.
Nigeria’s debt profile has been on the rise over the years. And besides borrowing to fund the budget and boost economy, the country plans to sell some national assets to raise funds. Nigeria is also looking to borrow money from dormant bank accounts as well.
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BREAKING:Lagos Govt Arraigns Chrisland School, Principal, Others Over Death Of Pupil Whitney Adeniran
The Lagos State government has arraigned Chrisland School, Opebi, its principal, vice principal and two other employees over the death of one of the school’s pupils, 12-year-old Whitney Adeniran.
On Wednesday, the government of Lagos State had filed charges against Chrisland School and four others over the death of the 12-year-old pupil, Whitney Adeniran.
The school and its workers were accused of involuntary manslaughter and reckless and negligent acts.
The workers who were arraigned before Justice Oyindamola Ogala of the Lagos State High Court in Ikeja include Ademoye Adewale, Kuku Fatai, Mrs Belinda Amao, Nwatu Ugochi Victoria and Chrisland School Limited.
The school principal, Mrs Belinda Amao, broke down in tears while in the dock as the court and counsel tried to agree on a date for the commencement of the trial.
Whitney died during the school’s inter-house sports competition at Agege Stadium in Lagos on February 9.
Blessing Adeniran, her mother, had accused Chrisland of negligence over her daughter’s death.
The school’s management, however, dismissed insinuations that there was foul play in the death, saying she slumped in public.
Chrisland also argued that Whitney complained about “not-too-buoyant health” a few days before she died.
However, an autopsy conducted at the Lagos State University Hospital (LASUTH) confirmed that the deceased died from “asphyxia and electrocution”.
In the charges filed on behalf of the state government by the Director of Public Prosecution (DPP), Babajide Martins, who disclosed that their negligence killed Whitney because they failed to ensure her safety.
The charge also disclosed that they all acted in a reckless and negligent manner that endangered human life.
The offences are contrary to Sections 224 & 251 of the Criminal Law, C17, Vol.3, Laws of Lagos State, 2015
If found guilty, the offences carry a penalty of life imprisonment and two-year jail terms respectively.
On Tuesday, the state government granted access to Chrisland High School, Opebi branch, to open for physical learning ahead of the school’s forthcoming examination after parents’ appeal.
The state governor, Babajide Sanwo-Olu had ordered that the school be shut down on March 3, 2023, following the investigation into Whitney’s death.
Sanwo-Olu through the state Ministry of Education said the closure of the school would pave the way for unhindered investigation and afford all stakeholders, including parents, students, staff and friends of the deceased, time to grieve.
The reopening followed an appeal by the Parents of all Chrisland School Units who visited the Ministry of Education on Monday to seek the government’s understanding for “the sake of 500 plus students some of whom also have terminal examinations.”
The management of the school had tendered an apology over Whitney’s death.
BREAKING: Abacha’s Ex-chief Of Staff Oladipo Diya Dies
Retired Lt.General Donaldson Oladipo Oyeyinka Diya, the former Chief of Staff in General Sani Abacha’s military government, is dead.
His death was confirmed by Prince Oyesinmilola Diya. He said the former military administrator of Ogun State passed on to glory in the early hours of 26th March 2023.
Born on the 3rd of April, 1944, Diya was military Governor of Ogun State after the Buhari-Idiagbon coup of December 31st, 1983.
Diya joined the Nigerian Defence Academy, Kaduna and fought during the Nigerian Civil War.
He later attended the US Army School of Infantry, the Command and Staff College, Jaji (1980–1981) and the National Institute for Policy and Strategic Studies, Kuru.
While serving in the military, Diya studied law at Ahmadu Bello University, Zaria, where he obtained an LLB degree, and then at the Nigerian Law School, where he was called to bar as Solicitor and Advocate of the Supreme Court of Nigeria.
He held other top military posts like GOC, 82 Division and finally the Chief of General Staff (military Vice President) to Gen Sani Abacha
The statement read: “On behalf of the entire Diya family home and abroad; we announce the passing on to Glory of our dear Husband,Father, Grandfather,brother, Lt- General Donaldson Oladipo Oyeyinka Diya (Rtd) GCON, LLB, BL, PSC, FSS, mni.
“Our dear Daddy passed onto glory in the early hours of 26th March 2023. Please keep us in your prayers as we mourn his demise in this period. Further announcements will be made public in due course.
“Barrister Prince Oyesinmilola Diya, on behalf of the family.”
Breaking: Appeal Court Retains Adeleke As Osun Governor
The Court of Appeal sitting in Abuja has vacated the tribunal judgement that nullified the election of Governor Ademola Adeleke of Osun State.
The appellate court, in a unanimous decision by a three-member panel of Justices, on Friday held that the appeal Adeleke lodged to challenge his sack by the Osun State Governorship Election Petition Tribunal, was meritorious.
Aside from setting aside the judgement of the tribunal, the court, in its lead judgement that was delivered by Justice Mohammed Lawal, awarded N500, 000 cost against the All Progressive Congress, APC, and its candidate, Gboyega Oyetola
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